Is that a hot cut? It works for him.

I seem to see an axe type eye in it as well, 

CRS, it looks to me to be a hot cut chisel in a simple wedge shape, held by split bamboo instead of tongs, being struck by a helper with  dog head hammer. (The assistant has his thumb on top of the handle. Flame wars: Go! )

The master is holding the blade with tongs in his gloved left hand.

I certainly agree, but if one looks on the masters side, below the bamboo handle dose that not look to be a squashed axe eye?

 

12 minutes ago, Charles R. Stevens said:

below the bamboo handle dose that not look to be a squashed axe eye?

I see what you mean, but without a better shot, it's hard to say definitively from this photo.

 

I saw it in the original video and the impression stuck with me.

Note that they were either barefoot or wearing flip flops too.  I would not use their example as a desiderata for smithing practice safety...